FCP Provides Preferred Equity To Fairfield Properties For Acquisition Of Multifamily Community In Farmingdale, NY

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Dec 04, 2019, 09:25 ET

CHEVY CHASE, Md., Dec. 4, 2019 /PRNewswire/ -- FCP℠ announces that it recently closed on a preferred equity investment to facilitate Fairfield Properties' acquisition of a residential and retail property currently known as Jefferson at Farmingdale Plaza located in the village of Farmingdale, New York in Nassau County. Fairfield Properties, a Melville-based owner and developer of commercial real estate, is the largest multifamily owner and operator on Long Island with over 45 years of experience. The luxury mid-rise property will be rebranded as Fairfield Plaza at Farmingdale Village and consists of a residential and retail property containing 154 residential units and 19,500 square feet of retail space. The transit-oriented property is located at the Farmingdale Station on the Ronkonkoma Branch of the Long Island Railroad, which carried more than 9.8 million passengers in 2018 and features a 49-minute trip between Farmingdale and New York City. The property is conveniently located one block from Farmingdale's popular Main Street that offers residents an abundance of retail, dining and nightlife options.

The community boasts an extensive amenity package unique to the area, including a health club with a yoga studio and aerobics center, a fully equipped business lounge, covered parking with controlled-access gates, a furnished outdoor courtyard area, a 24-hour club room with billiards, shuffleboard and game consoles, a movie theater, elevator access, valet trash pick-up, package concierge service and a dog park.

Residents enjoy contemporary unit features including nine-foot ceilings, stainless steel appliances, granite countertops, designer lighting complemented by two-toned paint, electronic key entry, in-home washer and dryer units, programmable thermostats and pre-wired flat screen TV mounts.

"We are excited to invest with Fairfield again on this newly developed, Class A community in an area with strong constraints on additional supply to the market," said FCP Senior Vice President, E.J. Corwin.

Jefferson at Farmingdale Plaza represents the fourth transaction with Fairfield Properties, the largest multifamily owner and operator on Long Island. In February of 2019, FCP provided $100 million in preferred equity to Fairfield Properties in the acquisition of a seven-property Long Island apartment portfolio. In August, FCP provided preferred equity to Fairfield to facilitate the acquisition of The Preserve in Suffolk County, Long Island and in September, provided capital to facilitate the acquisition of Westfield Green in Selden, NY. The sponsor, Fairfield Properties made a significant investment in all the above acquisitions and Fairfield will be investing additional capital in these properties to transform them to the Fairfield Standard. Fairfield Properties is the largest multifamily owner on Long Island with over 40 years of experience.

About FCP
FCP^℠ is a privately held real estate investment company that has invested in or financed more than $6 billion in assets since its founding in 1999. FCP invests directly and with operating partners in commercial and residential assets. The firm makes equity and mezzanine investments in income-producing and development properties. Based in Chevy Chase, MD, FCP invests both its commingled, discretionary funds and separate accounts targeted at major real estate markets in the United States. For further information on FCP, please visit www.fcpdc.com.

About Fairfield
Fairfield Properties, headquartered in Melville, New York, is the largest owner and operator of multifamily real estate properties on Long Island. Their portfolio consists of over 145 Apartment Communities totaling 11,500 rental units and 14 Office Buildings with over 1.4 million square feet of commercial space.